Department for Business, Energy and Industrial Strategy

ARM: Softbank

Lord Myners: To ask Her Majesty’s Government how they propose to enforce the commitments they have obtained from SoftBank in connection with employment and the location of the headquarters of ARM Holdings.

Baroness Neville-Rolfe: The Takeover Panel is responsible for enforcing the post offer undertakings given by SoftBank under the terms of the Takeover Code. Grant Thornton LLP has been appointed as an independent supervisor under the Code to monitor compliance with the undertakings. The Takeover Panel can require SoftBank to submit written progress reports in such form and as frequently as it requires and can take disciplinary action if the undertakings are not fulfilled. The Department for Business, Energy and Industrial Strategy will continue to monitor developments.